Financial Performance Highlights

Q2 FY27 (Quarter Ended September 30, 2026)

  • Collections: ₹183 crore, representing 22% year-on-year growth
  • Revenue from Operations: ₹145 crore
  • Operating EBITDA: ₹35 crore with EBITDA margin of 24%
  • Gross Margin: 35%, improved from previous quarter
  • Profit After Tax: ₹25 crore with PAT margin of 17.14%
  • Pre-sales: ₹151 crore

H1 FY27 (First Half Ended September 30, 2026)

  • Collections: ₹347 crore, representing 8% year-on-year growth
  • Revenue from Operations: ₹292 crore
  • Operating EBITDA: ₹62 crore with EBITDA margin of 21.4%
  • Gross Margin: 32%
  • Profit After Tax: ₹44 crore with PAT margin of 15.1%
  • Pre-sales: ₹306 crore

Balance Sheet Position (as of September 30, 2026)

  • Liquid Cash Balance: ₹119 crore
  • Gross Debt: ₹56 crore
  • Net Liquid Cash Position: ₹63 crore

Operational and Business Development Updates

Project Additions

Added four redevelopment projects across Malad, Kandivali, and Borivali in western Mumbai:

  • Total Area: Approximately 11 acres
  • Saleable Carpet Area: 15 lakh square feet
  • Combined GDV Potential: Approximately ₹5,000 crore

Project Completion Milestones

  • Arkade Eden, Malad West: Handed over flats to buyers
  • Arkade Pearl Phase 1: Received occupation certificate ahead of committed RERA timeline

Development Portfolio Overview

  • Total GDV Pipeline: Approximately ₹19,000 crore
  • Saleable Carpet Area: 5.7 million square feet across portfolio

Upcoming Launches

Targeting launch of two projects in Q3 FY27:

  • Combined GDV: Approximately ₹2,850 crore

Marketing and Brand Strategy

Marketing approach centered on building recognizable brand through:

  • Premium residential development positioning
  • Quality construction and design excellence focus
  • Targeted marketing initiatives and increased visibility
  • Metro branding in Bandra and Goregaon West
  • Leveraging existing customer base of 5,800 residents for referrals
  • Personalized customer engagement strategies

Management Commentary and Outlook

Demand Environment

Pre-sales remained moderate amid evolving market dynamics, but existing projects continue to show healthy demand. Company attributes year-on-year revenue decline to higher base in corresponding quarter last year when four projects commenced revenue recognition after crossing 25% construction threshold.

Execution Capabilities

Company emphasized strong execution track record with:

  • In-house quality department and quality assurance processes
  • ISO certification and adherence to SOPs
  • No major challenges reported in executing multiple redevelopment projects simultaneously

Growth Strategy

Focus on:

  • Converting development pipeline into execution-led growth
  • Strategic land acquisitions across key micro-markets in MMR
  • Maintaining financial discipline and prudent capital allocation
  • Timely project delivery and operational efficiency

Project-Specific Updates

Filmistan Project

  • GDV: Increased to approximately ₹4,000 crore
  • Execution: Equipped with experienced consultants for large-scale development
  • Timeline: Planned launch in next financial year

Thane Greenfield Project

  • GDV: ₹2,000 crore
  • Status: Received LOI (Letter of Intent), awaiting CC (Commencement Certificate)
  • RERA Application: Documents ready, application to be submitted after CC receipt
  • Launch Plan: Phase-wise tower launches over next two years
  • Timeline: Q4 FY27 launch confirmed as realistic

Bhandup Project (Woollen Mills)

  • Status: MOU entered into, transaction expected to complete in coming few months

South Mumbai Redevelopment

  • Status: In discussions, finalizing top developers
  • Progress: Societies to proceed with 79A formalities and voting

Yogi Nagar Project

  • Status: DA (Development Agreement) finalized between lawyers
  • Next Steps: Societies to take up DA in respective SGBM meetings before registration

Recently Acquired Projects

  • Approval Costs: Incurred ₹70 crore towards approval costs for upcoming projects (Satya Shripal, Nutan Ayojan/Ascend)
  • Accounting Treatment: Costs lying in inventory

Geographic Focus

Company remains focused exclusively on Mumbai Metropolitan Region (MMR) market, evaluating opportunities in:

  • South Mumbai
  • North Mumbai
  • Navi Mumbai (evaluating proposals but no projects finalized)

Competitive Landscape

Management acknowledged increased competition in Mumbai redevelopment space over past 12-18 months, but emphasized company's selective bidding approach based on location, size, development potential, and GDV criteria.